Hungry Jack's finds new flagship in the north
Fast food operator Hungry Jack’s has snapped up a prime CBD spot for its new flagship store opposite Melbourne Central’s Elizabeth Street exit.
Hungry Jack’s lost its prize Swanston Street store near Flinders Street station last year when construction work started on the Metro Melbourne project.
The burger retailer has leased a 500 square metre corner space at 260 La Trobe Street, known as the A-C Building, for 15 years, at more than $700,000 a year.
Fitzroys agent Terence Yeh, who negotiated the deal with Alex Shum, said “Hungry Jack’s won out from hot competition between local and international operators. We were inundated by retailers seeking a high-profile location following the Metro tunnel works shake-up.”
Fitzroys fielded more than 160 enquiries for the space, which is owned by Landream. The Endeavour College of Natural Health has occupied the space for the past 20 years and remains in the floors above.
“The rate of enquiry is highly unusual, especially in the current market,” Fitzroys agent Alex Shum said. “There are sections of the CBD which have slowed down but not in the northern end.”
“There are a lot of people trying to get in because of the high-density apartments, the student accommodation, the market and the universities. It’s really driving the market,” Mr Shum said.
“We’re seeing a lot of businesses – convenience stores, cafes, Chinese restaurant operators – who already have existing space in the city trying to get into this quarter,” he said.
There are an estimated 10,000 apartments under construction or in planning in the northern corridor. The 1200-unit Aurora building, under construction, already towers over the corner property and Scape has just opened it first student accommodation tower up the hill on Swanston Street.
